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Saudi Gulf Oil Exports Double to 3M Barrels
Saudi Arabia's oil shipments from the Ras Tanura port quadrupled to approximately 3 million barrels per day in the second week of September, compared to about 1.5 million barrels in the first week, following damage to the East-West pipeline caused by drone attacks. Expectations indicate that exports will continue to rise despite a significant reduction in supplies during the repair period, which could last up to six weeks, although it is anticipated that half of the pipeline's capacity could be restored within a few days. The increase in oil exports from the Gulf is linked to a rebound in the oil market, with Brent crude prices rising to the highest level since May at $110 before dropping again, driven by rapid news of rising exports and pipeline repairs.
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